Investec’s private client business grew by 50 per cent last year. The international specialist banking group yesterday reported operating profit up 20 per cent to £466.6 million. Private client activities rose by 49.3 per cent to £176.5 million.

Capital markets activities increased by 75.3 per cent to £117.3 million while asset management improved by 14.7 per cent to £68.1 million. Operating profit of its private banking division increased by 52.1 per cent to £154.4 million. Activities in Australia were up by 75 per cent and in the UK by 56 per cent.

Investec chief executive Stephen Koseff told WealthBriefing: “We have been experiencing 50 per cent growth in private client services for the last six to seven years. I believe that this is due to the quality of our market penetration and our distinctive culture. We are user friendly and fast responders. We know our markets very well.”

The group has a clear appreciation of the nature of its markets worldwide to assist its business modeling. In South Africa, for example, its focus is on entrepreneurs and emerging wealth. In Britain and Australia its core market is existing wealth.

He says a key distinctive feature of Investec’s approach is the seniority and experience of its client managers. “High level people require high level service,” he said.

He said that some of the largest growth had come from its lending and transactional services.

In a related development, Investec Bank’s Channel Islands unit will be opening a new branch in Jersey following a period of outstanding growth. The new office will be based in St Helier. It will focus on providing deposit taking services to the fiduciary and corporate sectors in Jersey.

Investec already has a base in Guernsey, where approximately 60 trust and fiduciary clients are serviced by 45 staff located in the island’s capital of St Peter Port.